The Dutch Central Bureau of Statistics (CBS) reported that inflation in the Netherlands reached 10.3 percent in July for the first time since 1975.

Prices increased by 8.6 percent in June, as per the Bureau. Meanwhile, inflationary pressures are being driven by rising prices for energy, food, not to mention rent.

Energy prices increased by 108 percent in July compared to the same month the previous year, while food prices increased by 12.3 percent. Grain, dairy products, sugar, and ice cream are the food products with the greatest price increases.

The Dutch system of calculation recorded 10.3 percent inflation in July, while the EU method produced a higher figure: 11.6 percent.

In the past few months, the US, the EU, and its allies have been initiating a series of campaigns against Russia.

Despite the sanctions and the partial embargo imposed on Russia's oil, the Russian economy has defied the odds in countering oppressive measures.

The IMF stated last week that Russia's economy looks to be weathering the storm better than predicted, owing to high energy prices and strong resilience of domestic demand as a result of government support.

However, sanctions against Russia proved to be devastating for its unintended targets, as the West and its peoples have been thrown into a recession.

Read more: Le Pen: End useless sanctions against Russia